Muscat , Jan 25 (ONA) --- Broad money (M2) increased by 4.6 percent to RO 11.5 billion in November 2013 compared to RO 11.0 billion in November 2012. Narrow money (M1) comprising currency held by the public and local currency demand deposits, expanded by 4.8 percent to RO 3.9 billion at the end of November 2013. Quasi money (RO savings and time deposits, certificates of deposits issued by commercial banks, margin deposits and foreign currency denominated deposits) increased by 4.5 percent to RO 7.6 billion in November 2013 compared to RO 7.3 billion in the previous year. The key driver of monetary expansion during the period was the increase in net foreign assets of the banking system by 6.9 percent followed by the rise in domestic assets by 1.7 percent. CBO's policy interest rate for absorption of surplus liquidity in the form of CBO CDs of 28 days maturity increased to 0.130 percent in November 2013 from 0.076 percent in November 2012. CBO's policy rate for injection of liquidity, i.e. repo rate remained unchanged at 1 percent since March 2012 . The overnight RO domestic inter-bank lending rate declined from 0.154 percent in November 2012 to 0.133 percent in November 2013. In respect of domestic interest rate structure of commercial banks, both deposit and lending rates softened during this period. The weighted average interest rate on RO deposits declined from 1.284 percent in November 2012 to 1.177 percent in November 2013 , while the weighted average RO lending rate decreased from 5.712 percent to 5.430 percent during the same period.----Ends/AH/FS
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